Kismet Lodge - Mid Century Modern Boutique Hotel/Spa Complex

Hospitality for Sale
Sale Pending
Catylist Listing ID: 30173634
Property Subtypes: Bed & Breakfast, Extended Stay, Hotel, Inn, Resort, Spa
Status: Pending
Number of Units: 11 Units
Building Size (RSF): 11,500 SF
Gross Building Area: See Agent
Gross Land Area: 24,375 SF
Sale Price: $999,995
Unit Price: $90,908.64 Per Unit
Property Use Type: Business
Building Name: Kismet Lodge
Name of Establishment: Kismet Lodge
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 7.8%
Last Updated: 9/5/2018

Overview / Comments

Incredible opportunity to own this one-of - a kind , landmark Boutique Hotel Spa that has its own hot mineral water well. Of all the resorts here in the Palm Springs area- there is only one Living Waters Spa - an award winning European-style clothing optional spa located in the Palm Springs desert oasis of Desert Hot Springs in sunny Southern California. We've been featured by the New York Times, Washington Post, The Tennis Channel, Los Angeles Times, USA Today, Ellen Degeneres / AOL.com and others. We think you'll enjoy us too!

The spa complex consists of 3 parcels:

* 10 room hotel/spa building (plus management apartment= 11 SUITES TOTAL) w/ a hot mineral water well & two mineral pools
* A vacant lot ( purchased for privacy) between home and spa building
* A fully paved lot ( used for parking ) just north of the spa building

Please see attached brochure for Ariel view and overview of this unique complex. This opportunity is priced realistically and based on the land/buildings value alone. There are 5 standard rooms, 3 rooms with kitchens, and 2 rooms with extra large kitchens, one with its own patio. Currently one room is used as a massage studio and other for the spa office but they could be converted back to standard rooms. All rooms are completely turnkey. All kitchen rooms have standard size appliances and utensils.Current owners have painstakingly upgraded and maintained the entire complex, buildings, and property - while maintaining its charm, warmth and character. Completely turn-key operation.

Also available and can be included in the purchase:

TWO TRIPLEX UNITS LOCATED DIRECTLY ACROSS THE STREET FROM THE SPA:

The 2 Buildings each have 3, 2-bedroom units for a total of 6 2-bedroom units. One unit in each building has 2 baths and there is an on site coin-operated laundry room. Each unit is on its own water, gas and electric meter. The Condos share a common courtyard. The condos are completely turnkey with all kitchen utensils, TVs, etc. etc.

OWNERS' / MANAGERS HOUSE:
The house is a lovely 3-bedroom 1,248 sq ft home. Its location in the complex makes it a PERFECT location for the owner/manager to live and keep oversight of the business while being separate from the business. The home is unfurnished.

ALL SIX PARCELS CAN BE PURCHASED FOR $1,910,000

Attachments & Media

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $21,700 (Annual)
Gross Operating Income $315,109 (Annual)
Net Operating Income $152,000 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Tax ID/APN: 644-151-004
Zoning: HOTEL/MOTEL
Retail Clientele: Business, Traveler, Tourist, Recreation
Property Visibility: Excellent
Total Number of Buildings: 4
Number of Stories: 1
Property Condition: Excellent
Year Built: 1965
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Block
Average Occupancy Rate: 60
Water Recreation: Outdoor Pool, Sauna, Spa
Total Parking Spaces: 16
Parking Type: Surface
Air Conditioning: Window Unit
Zoning Description: Zoned for hospitality/motel/hote. Single family residence and the 2 triplexes are multi family. 2 vacant lots as well
Water Service: Well
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,700 30,908 40,979
Median Age: 28.67 32.78 35.04
Households: 3,000 10,380 14,225

Sponsoring Organization

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